401(k) Plan Providers' Behavior To Avoid That Loses Clients.
Things to avoid. Over the past 18 years as an ERISA attorney, I have some pretty weird reasons why retirement plan providers get fired. I'll never get the financial advisor who was fired because the client's new Chief Executive Officer wanted to hire a new advisor that he get a kickback from. I remember working at a third party administration (TPA) firm where we got fired because the previous TPA did more of the Human Resource Director's work and she resented that. While these crazy stories will last the rest of my career, most plan providers are fired because of legitimate reasons including the behavior of the plan provider in dealing with this now former client. So this article is about what types of behavior that a plan provider should avoid exhibiting if they want to keep their clients.
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